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Who are the rich and famous in the Paradise Papers?

08 November 2017

Apple said that after its reorganisation it is paying more Irish tax than before. Then, the company relocated its worldwide corporate structure to Jersey in the beginning of investigation.

"As part of these changes, Apple's subsidiary which holds overseas cash became resident in the U.K. Crown dependency of Jersey, specifically to ensure that tax obligations and payments to the USA were not reduced", the company said. In a statement on the company's website, Apple said it has paid $35 billion (£26 billion) in corporate income taxes over the last three years.

"The move affected two of its most important subsidiaries, one of which is thought to hold the key to a company cash pile worth more than $250 billion", The Guardian reported, based on records shared by the International Consortium of Investigative Journalists (ICIJ).

"We strongly support efforts from the global community toward comprehensive worldwide tax reform and a far simpler system".

"We have no indication when it comes to the time perspective of Apple's recovery".

ABC's Four Corners on Monday night revealed Nike sold around $500 million of sportswear in Australia previous year, but recorded profits of just 2 per cent of its sales, therefore paying just $4.5 million in tax. The Apple back taxes are yet to be reclaimed by the Irish government but the Google bill has been settled, Vestager said.

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Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles, according a review of leaked Paradise Papers documents Monday. As Breitbart News reported in June 2016: "Tech companies, including Apple, Cisco Systems and Google pay lower overseas tax rates than their non-tech USA peers, such as Boeing or Johnson & Johnson".

The Papers are just a few of the hundreds of thousands leaked from offshore law firm Appleby, which recently warned its super-rich clients of a data breach in September a year ago, reminiscent of the data breach in 2015 on Panamanian law firm Mossack Fonseca.

- Britain's Queen Elizabeth II has, through the Duchy of Lancaster which provides her income and handles her investments, placed around £10 million ($13 million, €11.3 million) of her private money in funds held in the Cayman Islands and Bermuda. It said the move was made "specifically to ensure that tax obligations and payments to the US were not reduced".

Apple CEO Tim Cook slammed the ruling as "total political crap" and argued that there's "no reason for it in fact or in law".

Apple said: "When Ireland changed its tax laws in 2015, we complied by changing the residency of our Irish subsidiaries and we informed Ireland, the European Commission and the United States".

The documents revealed that Apple approached Appleby, a Bermuda-based law firm known for managing offshore companies. The company reports its effective global tax rate at 24.6 percent.

Who are the rich and famous in the Paradise Papers?